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The cost of cutting cable

As I prepare to move into a new apartment, I’ve been thinking a lot about how I’ll set up my own little media center. I have no TV, no DVD player, no Apple TV, not even my own Netflix account, so finding a solution to my media-less state will require quite a bit of creativity (and/or funds). And while this diagram of how one journalist went cable-less is ridiculously overwhelming, I can’t say I’m not intrigued. Is this set-up worth it to cut the cost of cable TV?